M&T Bank Q4 profit surges

M&T Bank Corp., the market share leader in deposits in Rochester, recorded big growth in the fourth quarter.

The bank reported earnings of $276.6 million, or $2.16 a share, which was up 113 percent from a year ago, but 2 cents shy of Wall Street estimates. Excluding special items, net income totaled $296.2 million, or $2.18 a share. Analysts typically do not include special items in their estimates.

The Buffalo-based bank reported net income of $129.8 million, or $1.04 per share, in the fourth quarter of 2011.

Net income for 2012 was $1.3 billion, up from $859 million in 2011. Diluted earnings per common share were $7.54, up 19 percent from $6.35 in 2011.

“This was a year of tremendous accomplishment, in which M&T recorded record levels of net income and earnings per share,” said Rene Jones, executive vice president and chief financial officer, in a statement. “Revenues were up in most major categories, led by exceptional growth in mortgage banking.”

Loans increased by $6.5 billion, or 11 percent, compared to the end of 2011, Jones said.

“The fourth quarter was a continuation of those trends, positioning us well for continued success in 2013,” Jones said.

M&T Bank ranks first in the Rochester market with local deposits of $3.6 billion.